UK-based payments infrastructure provider for software-as-a-service Paddle has secured $200 million in a Series D funding round.
Software-as-a-service has become the default for how organizations use and adopt apps these days, thanks to advances in networking and cloud computing and the flexibility of pay-as-you-use models that adapt to the evolving needs of a business.
KKR led Paddle’s Series D investment with participation from previous backers 83North, Notion Capital, FTV Capital, and Kindred Capital. At $1.4 billion valuation, the London-based Paddle, including this round of funding, has raised $293 million.
Today, Paddle works with over 3,000 software customers in 200 markets. It provides a platform for businesses to set up and sell their SaaS products in those regions, primarily in a B2B model. However, with several consumer services also sold these days in SaaS models, the firm’s ambitions include a considerable expansion of that to in-app payments areas.
Christian Owens, CEO and co-founder of Paddle explained the opportunity in software was enormous, with tens of thousands of incredibly innovative businesses releasing great products to market every year. Unfortunately, many SaaS companies still find their growth hindered by the operational challenges that arise from scaling, from handling subscription management or tax compliance to localizing payment options in every market. He added Paddle was created to remove these invisible barriers so that SaaS companies could focus on building and selling software.